While folding dollars into little rectangles and carefully stuffing them in your piggybank is one way to go about it, there are much, much better ways to save for college and also maximize the amount of money waiting for you when it’s time to pay the tuition bill.

If you’ve never heard of a 529 Plan, here’s the basics:

- It’s a special account to put your college savings into.
- The money you put into it is tax-deductible, so if your parents or grandparents are putting money in your 529 Plan, they don’t have to pay income taxes on that money (which means they get lower tax bills or bigger tax refund checks in April).
- You don’t have to be a millionaire to start one of these plans. Some let you start with a contribution of as little as ten bucks. And every little bit helps.
- There are different kinds of 529 Plans. Each state has different options (and you might be able to invest in another state’s plan). You have to be a little careful because not all 529 Plans are great. All of them will take some fees out of the money you put in (the people who run the plan need to make some money), and some of them take bigger fees than others. (Louisiana residents score: they’re eligible for the lowest-cost 529 in the nation, according to savingforcollege.com), so it will pay (literally) to do a little research and ask questions.

To read up on how 529 Plans work and how you can get started on one, savingforcollege.com has great info. Or if you have questions, feel free to ask them in the comments and we’ll answer them if we can!